A review of the bank balance showed a small debit balance in the amount of S232,000 The firm is anxious to improve its poor cash position and has asked the accountant to produce a budget for the first quarter of 2023, using the following forecast in respect of the quarter (0 Estimated fee income amounting to $6,000,000 with 20% receivable in January and the balance split equally over the months of February and March. () Investment income of $60,000 in January,$90,000 in February and $190,000 in the month of March. (iii) Conference facilities rented out are expected to yield $120.000 rental income in January, with a 10% increase expected in February and 15% on February's rental in March. (iv) The firm expects to receive commission income in the amount of S20,000 per month for each of the months of January and February, and $94,800 in March. (v) The planned cash payments for the first quarter of 2023 are as follows: Overheads of $240,000 per month payable in the month incurred. Monthly salaries and wages of $460,000 payable in each month incurred. Utilities of $100,000 monthly payable as incurred. Drawings of $170,000 by each partner to be made in March. Purchase of new computer equipment to be ordered in January for $150,000,with a 50% deposit on placement of the order and the final payment one month later. Payment of licence fee in February in the amount of $250,000. Payment of payroll taxes in January in the amount of $180,000 and $134,000 in February. Payment for CLPD training sessions are expected to be S10.000 per person per session.Each partner will attend three (3) sessions,one each in January, February and March. The two associate attorneys will each attend two (2 sessions, one in January and one in March. Payment to graphic artist in the amount of $220,000 in February Payment of legal fees in the amount of $300,000 in January Purchase of a delivery vehicle for $4,000,000 in February. A 30% deposit will be paid on placement of the order,40% to be paid in March and the balance on delivery, which is expected in April. Required: c Prepare a cash budget for the second quarter of 2023. Assume the opening balance to be $232,000 (d Briefly advise if the cash position has improved and, if not, suggest two actions that could be taken to improve the budgeted cash balance.